Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 30, 2020 | Jun. 30, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | BioNexus Gene Lab Coporation | ||
Entity Central Index Key | 0001737523 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | true | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Ex Transition Period | false | ||
Entity Common Stock Shares Outstanding | 102,730,891 | ||
Entity Public Float | $ 0 | ||
EntityFileNumber | 333-229399 | ||
EntityAddressAddressLine1 | Unit 02, Level 10, Tower B, Avenue 3, The Vertical Business Suite II, | ||
EntityAddressAddressLine2 | Bangar South No. 8 Jalan Kerinchi | ||
EntityAddressPostalZipCode | 59200 | ||
EntityTaxIdentificationNumber | 352604830 | ||
EntityAddressCityOrTown | Kuala Lumpur | ||
LocalPhoneNumber | 1221-26512 | ||
CityAreaCode | 60 | ||
EntityAddressStateOrProvince | MALAYSIA |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash and bank balances | $ 366,038 | $ 659,235 |
Fixed deposits placed with financial institutions | 493,038 | 601,004 |
Other receivables and deposits | 13,057 | 22,814 |
Tax Recoverable | 2,858 | 0 |
Inventories | 7,580 | 15,301 |
Total current assets | 882,571 | 1,298,354 |
NON-CURRENT ASSETS | ||
Operating lease right of used asset, net | 23,542 | |
Plant and equipment, net | 312,908 | 341,805 |
Other investment | 12,215 | 12,080 |
Total non-current assets | 348,665 | 353,885 |
TOTAL ASSETS | 1,231,236 | 1,652,239 |
CURRENT LIABILITIES | ||
Other payables and accrued liabilities | 19,437 | 11,149 |
Current portion of obligation under finance lease | 20,201 | 19,128 |
Current portion of operating lease liability | 11,936 | |
Tax payables | 0 | 32,616 |
Total current liabilities | 51,574 | 62,893 |
NON-CURRENT LIABILITIES | ||
Non-current portion of operating lease liability | 12,212 | |
Non-current portion of obligation under finance lease | 45,086 | 62,935 |
Deferred tax liabilities | 4,485 | |
Total non-current liabilities | 57,298 | 67,420 |
TOTAL LIABILITIES | 108,872 | 130,313 |
STOCKHOLDERS' EQUITY | ||
As at December 31, 2019, common stock, no par value; 300,000,000 shares authorized and 102,730,891 shares outstanding, and preferred stock, no par value; 30,000,000 shares authorized and no shares outstanding. As at December 31, 2018, common stock, no par value; 300,000,000 shares authorized and 74,627,558 shares outstanding, and preferred stock, no par value; 30,000,000 shares authorized and no shares outstanding. | 6,484,669 | 6,647,636 |
Additional paid in capital | (5,011,891) | (5,011,891) |
Accumulated losses | (333,311) | (86,842) |
Other comprehensive expense | (17,103) | (26,977) |
TOTAL STOCKHOLDERS' EQUITY | 1,122,364 | 1,521,926 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,231,236 | $ 1,652,239 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Text Block Abstract | ||
Common stock, no par value | $ 0 | $ 0 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common stock, outstanding | 102,730,891 | 74,627,558 |
Preferred Stock, No Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||
REVENUE | $ 126,955 | $ 212,328 |
COST OF REVENUE | (71,067) | (183,563) |
GROSS PROFIT | 55,888 | 28,765 |
OTHER INCOME | 25,048 | 273,066 |
OPERATING EXPENSES | ||
General and administrative | (356,641) | (241,930) |
(LOSS)/ PROFIT FROM OPERATIONS | (275,705) | 59,901 |
Tax expense: | ||
Deferred tax | 4,477 | |
Income tax | 24,759 | (33,447) |
Total tax expense | 29,236 | (33,447) |
NET (LOSS)/PROFIT | (246,469) | 26,454 |
Other comprehensive income: | ||
Foreign currency translation gain/(loss) | 9,874 | (41,028) |
COMPREHENSIVE LOSS | $ (236,595) | $ (14,574) |
Net loss per share - Basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and diluted | 86,369,145 | 66,336,275 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - USD ($) | Total | Common Stock [Member] | Additional paid up share Capital [Member] | Accumulated losses [Member] | Accumulated Other Comprehensive Income/(expense) [Member] |
Balance, shares at Jan. 01, 2018 | 53,295,116 | ||||
Balance, amount at Jan. 01, 2018 | $ 94,626 | $ 5,205,762 | $ (5,011,891) | $ (113,296) | $ 14,051 |
Issued shares, Amount | 1,441,874 | $ 1,441,874 | |||
Issued shares, Shares | 21,332,442 | ||||
Foreign currency translation loss | (41,028) | (41,028) | |||
Net Income (Loss) | $ 26,454 | $ 26,454 | |||
Balance, shares at Dec. 31, 2018 | 74,627,558 | ||||
Balance, amount at Dec. 31, 2018 | $ 1,521,926 | $ 6,647,636 | $ (5,011,891) | $ (86,842) | $ (26,977) |
Issued shares, Amount | 30,033 | $ 30,033 | |||
Issued shares, Shares | 30,033,333 | ||||
Net Income (Loss) | (246,469) | $ (246,469) | |||
Cancellation of Shares, Amount | (193,000) | (193,000) | |||
Foreign currency translation gain | $ 9,874 | $ 9,874 | |||
Cancellation of Shares, Shares | (1,930,000) | ||||
Balance, shares at Dec. 31, 2019 | 102,730,891 | ||||
Balance, amount at Dec. 31, 2019 | $ 1,122,364 | $ 6,484,669 | $ (5,011,891) | $ (333,311) | $ (17,103) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | ||
Net (loss)/ profit | $ (246,469) | $ 26,454 |
Adjustments to reconcile net profit/(loss) to net cash generated from/(used in) operating activities: | ||
Depreciation of property, plant and equipment | 41,714 | 40,611 |
Amortization of right of use asset | 11,618 | |
Operating (loss) profit before working capital changes | (193,137) | 67,065 |
Changes in operating assets and liabilities: | ||
Inventories | 7,721 | 16,785 |
Other receivables and deposits | 9,758 | 105,673 |
Trade and other payables | (30,603) | (463,603) |
Operating lease liability | (11,012) | |
Cash used in operating activities | (217,273) | (274,080) |
Cash flows from investing activities: | ||
Acquisition in other investment | (12,080) | |
Purchase of plant and equipment | (12,817) | (39,621) |
Net cash used in investing activities | (12,817) | (51,701) |
Cash flows from financing activities: | ||
Repayment of finance lease | (16,777) | |
(Repayments)/Advances from Directors | (1,061) | 1,442 |
Shares subscriptions | (162,967) | 741,500 |
Net cash (used in) generated from financing activities | (180,805) | 742,942 |
Foreign currency translation adjustment | 9,732 | 3,933 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (401,163) | 421,094 |
CASH AND CASH EQUIVALENTS, BEGINNING OF FINANCIAL YEAR | 1,260,239 | 839,145 |
CASH AND CASH EQUIVALENTS, END OF FINANCIAL YEAR | 859,076 | 1,260,239 |
CASH AND CASH EQUIVALENTS INFORMATION: | ||
Fixed deposits placed with financial institutions | 493,038 | 601,004 |
Cash at bank | 366,038 | 659,235 |
Cash and cash equivalents, end of financial year | 859,076 | 1,260,239 |
Supplementary cash flow information: | ||
Interest paid | (5,047) | (4,323) |
Income taxes paid | $ (10,714) |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 12 Months Ended |
Dec. 31, 2019 | |
ORGANIZATION AND BUSINESS BACKGROUND | |
NOTE 1 - ORGANIZATION AND BUSINESS BACKGROUND | BioNexus Gene Lab Corp was incorporated in the State of Wyoming on May 12, 2017. On August 23, 2017, the Company acquired all of the outstanding capital stock of BGS Lab Sdn. Bhd., a Malaysian corporation (“Subsidiary”). The Subsidiary was incorporated in Malaysia on April 7, 2015 which it then subsequently changed its name to Bionexus Gene Lab Sdn. Bhd. The principal office address is Unit 02 Level 10, Tower B, Vertical Business Suite, No. 8 Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Malaysia, our lab is located at Lab 353, Chemical Science Centre, University Science Malaysia, George Town, Penang, Malaysia. We also have a blood collection center located at 1st floor, Lifecare Medical Centre, Kuala Lumpur, Malaysia. The corporate structure is depicted below: BioNexus Gene Lab Corp. (Wyoming company) 100% owned ↓ Bionexus Gene Lab Sdn. Bdh (Malaysian company) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes. • Basis of presentation The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). • Basis of consolidation The consolidated financial statements include the accounts of Bionexus Gene Lab Corp. and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. • Use of estimates In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates. • Cash and cash equivalents Cash and cash equivalents represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. • Operating leases Operating leases are included in right-of-use (“ROU”) assets, operating lease non-current liabilities, and operating lease current liabilities in our consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognised at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, the Company generally use the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payment is recognised on a straight-line basis over the lease term. The Company adopted Malayan Banking (Maybank) Berhad’s base lending rate as a reference for discount rate, as this is the largest bank and national bank of Malaysia. • Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis to write off the cost over the following expected useful lives of the assets concerned. The principal annual rates used are as follows: Categories Principal Annual Rates/Expected Useful Life Furniture & fittings 20 % Computer and software 33 % Motor vehicle 10 % Lab Equipment 10 % Office equipment 20 % Renovation 20 % Fully depreciated plant and equipment are retained in the financial statements until they are no longer in use. • Trade receivables Trade receivables are recorded at the invoiced amount and do not bear interest. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Trade balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. • Inventories Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Statements of Operations and Comprehensive Income. • Impairment of long-lived assets Long-lived assets primarily include goodwill, intangible assets and property, plant and equipment. In accordance with the provision of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, the Company generally conducts its annual impairment evaluation to its long-lived assets, usually in the fourth quarter of each fiscal year, or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the lowest level group. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. There has been no impairment charge for the years presented. • Finance lease Leases that transfer substantially all the rewards and risks of ownership to the lessee, other than legal title, are accounted for as finance leases. Substantially all of the risks or benefits of ownership are deemed to have been transferred if any one of the four criteria is met: (i) transfer of ownership to the lessee at the end of the lease term, (ii) the lease containing a bargain purchase option, (iii) the lease term exceeding 75% of the estimated economic life of the leased asset, (iv) the present value of the minimum lease payments exceeding 90% of the fair value. At the inception of a finance lease, the Company as the lessee records an asset and an obligation at an amount equal to the present value of the minimum lease payments. The leased asset is amortized over the shorter of the lease term or its estimated useful life if title does not transfer to the Company, while the leased asset is depreciated in accordance with the Company’s depreciation policy if the title is to eventually transfer to the Company. The periodic rent payments made during the lease term are allocated between a reduction in the obligation and interest element using the effective interest method in accordance with the provisions of ASC Topic 835-30, “Imputation of Interest”. • Revenue recognition Revenue recognized when it is probable that the economic benefits associated with the transaction will flow to the enterprise and the amount of the revenue can be measured reliably. Revenue is measured at the fair value of consideration received or receivable. a. Sales of goods or rendering of services An entity shall recognize revenue associated with the transaction by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied: - i. The amount of revenue can be measured reliably; ii. It is probable that the economic benefits associated with the transaction will flow to the entity; iii. The stage of completion of the transaction at the end of the reporting period can be measured reliably; and iv. The costs incurred for the transaction and the costs to complete the transaction can be measured reliably. b. Interest income Interest is recognized on receipt basis. • Cost of revenues Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues. • Shipping and handling fees Shipping and handling fees, if billed to customers, are included in revenue. Shipping ang handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses. • Comprehensive income ASC Topic 220, “ Comprehensive Income • Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. • Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260 “Earnings per share” • Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company maintains its books and record in a local currency, Malaysian Ringgit (“MYR” or “RM”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from the local currency of the Company into US$1.00 has been made at the following exchange rates for the respective years: December 31, 2019 December 31, 2018 Year-end US$1 : MYR exchange rate 4.0925 4.1391 January 1, 2019 to December 31, 2019 January 1, 2018 to December 31, 2018 Yearly average US$1 : MYR exchange rate 4.1410 4.0355 • Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. • Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures • Level 1 • Level 2 • Level 3 As of December 31, 2019, and December 31, 2018, the Company did not have any non financial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis. • Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
STOCKHOLDERS EQUITY | |
NOTE 3 - STOCKHOLDERS' EQUITY | As at December 31, 2019 and 2018, the Company issued and outstanding, common stock is 102,730,891 shares and 74,627,558 shares respectively. |
PLANT AND EQUIPMENT
PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
PLANT AND EQUIPMENT | |
NOTE 4 - PLANT AND EQUIPMENT | Plant and equipment consisted of the following: As of December 31, 2019 December 31, 2018 Furniture and fittings $ 5,617 $ 379 Computer and software 1,372 - Motor vehicle 112,344 112,344 Lab equipment 281,651 281,651 Office equipment 1,091 1,130 Renovation 2,916 - 404,991 395,504 (Less): Accumulated depreciation (98,219 ) (56,466 ) Add: Foreign translation differences 6,136 2,767 Plant and equipment, net $ 312,908 $ 341,805 Depreciation expense for the year ended December 31, 2019 and 2018 were $41,714 and $40,611, respectively. |
FINANCE LEASE
FINANCE LEASE | 12 Months Ended |
Dec. 31, 2019 | |
FINANCE LEASE | |
NOTE 5 - FINANCE LEASE | The Company purchased motor vehicles under a finance lease agreement with the effective interest rate 5.99% of per annum due through January 2023, with principal and interest payable monthly. The obligation under the finance lease is as follows: As of December 31, 2019 December 31, 2018 Finance lease $ 69,863 $ 89,634 Less: interest expense (4,576 ) (7,571 ) Net present value of finance lease $ 65,287 $ 82,063 Current portion $ 20,201 $ 19,128 Non-current portion 45,086 62,935 Total $ 65,287 $ 82,063 As of December 31, 2019, the maturities of the finance lease for each of the three years are as follows: Years ending December 31: 2020 $ 20,201 2021 21,138 2022 and later 23,948 Total $ 65,287 |
LEASE RIGHT OF USE ASSET AND LE
LEASE RIGHT OF USE ASSET AND LEASE LIABILITY | 12 Months Ended |
Dec. 31, 2019 | |
FINANCE LEASE | |
NOTE 6 - LEASE RIGHT OF USE ASSET AND LEASE LIABILITY | The Company officially adopted ASC842 for the period on and after January 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly As of January 1, 2019, the Company recognized approximately $35,313, lease liability as well as right of use asset for all leases (with the exception of short-term leases) at the commencement date. Lease liability is measured at present value of the sum of remaining rental payment as of January 1, 2019 with discount rate of 6.70%pa adopted from Malayan Banking (Maybank) Berhad’s base lending rate as a reference for discount rate, as this bank is the largest bank and national bank of Malaysia. A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows The initial recognition of operating lease right and lease liability as follow: As of December 31, 2018 Gross lease payable $ 39,027 Less: imputed interest (3,714 ) Initial recognition as of January 1, 2019 $ 35,313 As of December 31, 2019 operating lease right of use as follow Initial recognition as of January 1, 2019 $ 35,313 Accumulated amortization (11,771 ) Balance as of December 31, 2019 $ 23,542 As of December 31, 2019 operating lease liability as follow Initial recognition as of January 1, 2019 $ 35,313 Less: gross repayment (13,192 ) Add: imputed interest 2,027 Balance as of December 31, 2019 $ 24,148 Less: lease liability current portion (11,936 ) Lease liability non-current portion 12,212 The amortization of the operating lease right of use asset for the year ended December 31, 2019 was $11,618. As the Company adopt ASC 842 on and after January 1, 2019, the Company did not incur nor accrued any amortization of operating lease right for year ended December 31, 2018 As of December 31, 2019, the maturities of the operating lease obligation for each of the two years are as follows: Years ending December 31: 2020 $ 11,936 2021 12,212 Total $ 24,148 Other information: As of December 31, 2019 December 31, 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 11,012 $ - Right of use assets obtained in exchange for operating lease liabilities 23,542 - Remaining lease term for operating lease (years) 2 - Weighted average discount rate for operating lease $ 6.70 % $ - Lease expenses for year ended December 31, 2019 was $2,001 As the Company adopt ASC 842 on and after January 1, 2019, the Company did not incur nor accrued any amortization of operating lease right for year ended December 31, 2018. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES | |
NOTE 7 - INCOME TAXES | Provision for income taxes consisted of the following: United States of America The Company is registered in the State of Wyoming and is subject to the tax laws of the United States of America. Malaysia Bionexus Gens Lab Sdn Bhd are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate 24% on its assessable income. Asof December 31, December 31, 2019 2018 Tax Recoverable Local $ - $ - Foreign, representing: Malaysia (2,858 ) - Tax Recoverable (2,858 ) 0 Income tax liabilities: Local $ - $ - Foreign, representing: Malaysia - 32,616 Income tax liabilities 0 32,616 Deferred tax liabilities: Plant and equipment Local $ - $ - Foreign, representing: Malaysia - 4,485 Deferred tax liabilities 0 4,485 Total (2,858 ) 37,101 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
RELATED PARTY TRANSACTIONS | |
NOTE 8 - RELATED PARTY TRANSACTIONS | For the year ended December 31, 2019 and 2018 the Company has following transactions with related parties: As of December 31, December 31, 2019 2018 Listing Expense: - RelatedpartyA $ 30,033 $ 3,500 Total 30,033 3,500 The related party A are a group of stockholders, with a total 29.23% of stockholdings and they are paid by stock compensation. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
SUBSEQUENT EVENTS | |
NOTE 9 - SUBSEQUENT EVENTS | In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2019 up through February 14, 2020 of these consolidated financial statements. During the period, the Company did not have any material recognizable subsequent events. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of presentation | The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). |
Basis of consolidation | The consolidated financial statements include the accounts of Bionexus Gene Lab Corp. and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. |
Use of estimates | In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates. |
Cash and cash equivalents | Cash and cash equivalents represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Operating leases | Operating leases are included in right-of-use (“ROU”) assets, operating lease non-current liabilities, and operating lease current liabilities in our consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognised at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, the Company generally use the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payment is recognised on a straight-line basis over the lease term. The Company adopted Malayan Banking (Maybank) Berhad’s base lending rate as a reference for discount rate, as this is the largest bank and national bank of Malaysia. |
Plant and equipment | Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis to write off the cost over the following expected useful lives of the assets concerned. The principal annual rates used are as follows: Categories Principal Annual Rates/Expected Useful Life Furniture & fittings 20 % Computer and software 33 % Motor vehicle 10 % Lab Equipment 10 % Office equipment 20 % Renovation 20 % Fully depreciated plant and equipment are retained in the financial statements until they are no longer in use. |
Trade receivables | Trade receivables are recorded at the invoiced amount and do not bear interest. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Trade balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
Inventories | Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Statements of Operations and Comprehensive Income. |
Impairment of long-lived assets | Long-lived assets primarily include goodwill, intangible assets and property, plant and equipment. In accordance with the provision of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, the Company generally conducts its annual impairment evaluation to its long-lived assets, usually in the fourth quarter of each fiscal year, or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the lowest level group. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. There has been no impairment charge for the years presented. |
Finance lease | Leases that transfer substantially all the rewards and risks of ownership to the lessee, other than legal title, are accounted for as finance leases. Substantially all of the risks or benefits of ownership are deemed to have been transferred if any one of the four criteria is met: (i) transfer of ownership to the lessee at the end of the lease term, (ii) the lease containing a bargain purchase option, (iii) the lease term exceeding 75% of the estimated economic life of the leased asset, (iv) the present value of the minimum lease payments exceeding 90% of the fair value. At the inception of a finance lease, the Company as the lessee records an asset and an obligation at an amount equal to the present value of the minimum lease payments. The leased asset is amortized over the shorter of the lease term or its estimated useful life if title does not transfer to the Company, while the leased asset is depreciated in accordance with the Company’s depreciation policy if the title is to eventually transfer to the Company. The periodic rent payments made during the lease term are allocated between a reduction in the obligation and interest element using the effective interest method in accordance with the provisions of ASC Topic 835-30, “Imputation of Interest”. |
Revenue recognition | Revenue recognized when it is probable that the economic benefits associated with the transaction will flow to the enterprise and the amount of the revenue can be measured reliably. Revenue is measured at the fair value of consideration received or receivable. a. Sales of goods or rendering of services An entity shall recognize revenue associated with the transaction by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied: - i. The amount of revenue can be measured reliably; ii. It is probable that the economic benefits associated with the transaction will flow to the entity; iii. The stage of completion of the transaction at the end of the reporting period can be measured reliably; and iv. The costs incurred for the transaction and the costs to complete the transaction can be measured reliably. b. Interest income Interest is recognized on receipt basis. |
Cost of revenues | Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues. |
Shipping and handling fees | Shipping and handling fees, if billed to customers, are included in revenue. Shipping ang handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses. |
Comprehensive income | ASC Topic 220, “ Comprehensive Income |
Income taxes | Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. |
Net loss per share | The Company calculates net loss per share in accordance with ASC Topic 260 “Earnings per share” |
Foreign currencies translation | Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company maintains its books and record in a local currency, Malaysian Ringgit (“MYR” or “RM”), which is functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from the local currency of the Company into US$1.00 has been made at the following exchange rates for the respective years: December 31, 2019 December 31, 2018 Year-end US$1 : MYR exchange rate 4.0925 4.1391 January 1, 2019 to December 31, 2019 January 1, 2018 to December 31, 2018 Yearly average US$1 : MYR exchange rate 4.1410 4.0355 |
Related parties | Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Fair value of financial instruments | The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures • Level 1 • Level 2 • Level 3 As of December 31, 2019, and December 31, 2018, the Company did not have any non financial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis. |
Recent accounting pronouncements | The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of principal annual rates | Categories Principal Annual Rates/Expected Useful Life Furniture & fittings 20 % Computer and software 33 % Motor vehicle 10 % Lab Equipment 10 % Office equipment 20 % Renovation 20 % |
Schedule of exchange rates | December 31, 2019 December 31, 2018 Year-end US$1 : MYR exchange rate 4.0925 4.1391 January 1, 2019 to December 31, 2019 January 1, 2018 to December 31, 2018 Yearly average US$1 : MYR exchange rate 4.1410 4.0355 |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
PLANT AND EQUIPMENT (Tables) | |
Plant and equipment | As of December 31, 2019 December 31, 2018 Furniture and fittings $ 5,617 $ 379 Computer and software 1,372 - Motor vehicle 112,344 112,344 Lab equipment 281,651 281,651 Office equipment 1,091 1,130 Renovation 2,916 - 404,991 395,504 (Less): Accumulated depreciation (98,219 ) (56,466 ) Add: Foreign translation differences 6,136 2,767 Plant and equipment, net $ 312,908 $ 341,805 Depreciation expense for the year ended December 31, 2019 and 2018 were $41,714 and $40,611, respectively. |
FINANCE LEASE (Tables)
FINANCE LEASE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FINANCE LEASE (Tables) | |
Schedule of finance lease | As of December 31, 2019 December 31, 2018 Finance lease $ 69,863 $ 89,634 Less: interest expense (4,576 ) (7,571 ) Net present value of finance lease $ 65,287 $ 82,063 Current portion $ 20,201 $ 19,128 Non-current portion 45,086 62,935 Total $ 65,287 $ 82,063 |
Schedule of lease payments | Years ending December 31: 202 $ 20,201 2021 21,138 2022 and later 23,948 Total $ 65,287 |
LEASE RIGHT OF USE ASSET AND _2
LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FINANCE LEASE (Tables) | |
Schedule of operating lease right and lease liability | As of December 31, 2018 Gross lease payable $ 39,027 Less: imputed interest (3,714 ) Initial recognition as of January 1, 2019 $ 35,313 |
Schedule of the operating lease right | Initial recognition as of January 1, 2019 $ 35,313 Accumulated amortization (11,771 ) Balance as of December 31, 2019 $ 23,542 |
Schedule of the operating lease liability | Initial recognition as of January 1, 2019 $ 35,313 Less: gross repayment (13,192 ) Add: imputed interest 2,027 Balance as of December 31, 2019 $ 24,148 Less: lease liability current portion (11,936 ) Lease liability non-current portion 12,212 |
Schedule of lease payments | Years ending December 31: 2020 $ 11,936 2021 12,212 Total $ 24,148 |
Schedule of other information | As of December 31, 2019 December 31, 2018 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 11,012 $ - Right of use assets obtained in exchange for operating lease liabilities 23,542 - Remaining lease term for operating lease (years) 2 - Weighted average discount rate for operating lease $ 6.70 % $ - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES | |
Provision for income taxes | Asof December 31, December 31, 2019 2018 Tax Recoverable Local $ - $ - Foreign, representing: Malaysia (2,858 ) - Tax Recoverable (2,858 ) 0 Income tax liabilities: Local $ - $ - Foreign, representing: Malaysia - 32,616 Income tax liabilities 0 32,616 Deferred tax liabilities: Plant and equipment Local $ - $ - Foreign, representing: Malaysia - 4,485 Deferred tax liabilities 0 4,485 Total (2,858 ) 37,101 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES | |
Schedule of related transaction | Asof December 31, December 31, 2019 2018 Listing Expense: - RelatedpartyA $ 30,033 $ 3,500 Total 30,033 3,500 |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) | 12 Months Ended |
Dec. 31, 2019 | |
Entity Incorporation, State Country Name | Wyoming |
Entity Incorporation, Date of Incorporation | May 12, 2017 |
BGS Lab Sdn. Bhd [Member] | Subsidiary [Member] | |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Business Acquisition, Effective Date of Acquisition | Aug. 23, 2017 |
Business acquisition, business operation description | The principal office address is Unit 02 Level 10, Tower B, Vertical Business Suite, No. 8 Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Malaysia, our lab is located at Lab 353, Chemical Science Centre, University Science Malaysia, George Town, Penang, Malaysia. We also have a blood collection center located at 1st floor, Lifecare Medical Centre, Kuala Lumpur, Malaysia. |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Dec. 31, 2019 |
Furniture and fittings [Member] | |
Principal Annual Rates/Expected Useful Life | 20.00% |
Computer and software [Member] | |
Principal Annual Rates/Expected Useful Life | 33.00% |
Motor vehicle [Member] | |
Principal Annual Rates/Expected Useful Life | 10.00% |
Lab Equipment [Member] | |
Principal Annual Rates/Expected Useful Life | 10.00% |
Office equipment [Member] | |
Principal Annual Rates/Expected Useful Life | 20.00% |
Renovation [Member] | |
Principal Annual Rates/Expected Useful Life | 20.00% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Yearly average US$1 : MYR exchange rate | 4.1410 | 4.0355 |
Year-end US$1 : MYR exchange rate | 4.0925 | 4.1391 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended |
Dec. 31, 2019 | |
Tax benefits rate | 50.00% |
Minimum [Member] | |
Lease payment exceeding fair value | 90.00% |
Maximum [Member] | |
Lease term percentage | 75.00% |
STOCKHOLDERS EQUITY (Details Na
STOCKHOLDERS EQUITY (Details Narrative) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
STOCKHOLDERS EQUITY (Details Narrative) | ||
Common stock, outstanding | 102,730,891 | 74,627,558 |
Common stock, issued | 102,730,891 | 74,627,558 |
PLANT AND EQUIPMENT (Details)
PLANT AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Plant and equipment | $ 404,991 | $ 395,504 |
(Less): Accumulated depreciation | (98,219) | (56,466) |
Add: Foreign translation differences | 6,136 | 2,767 |
Plant and equipment, net | 312,908 | 341,805 |
Furniture and fittings [Member] | ||
Plant and equipment | 5,617 | 379 |
Computer and software [Member] | ||
Plant and equipment | 1,372 | |
Motor vehicle [Member] | ||
Plant and equipment | 112,344 | 112,344 |
Lab Equipment [Member] | ||
Plant and equipment | 281,651 | 281,651 |
Office equipment [Member] | ||
Plant and equipment | 1,091 | 1,130 |
Renovation [Member] | ||
Plant and equipment | $ 2,916 |
PLANT AND EQUIPMENT (Details Na
PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
PLANT AND EQUIPMENT (Tables) | ||
Depreciation expense | $ 41,714 | $ 40,611 |
FINANCE LEASE (Details)
FINANCE LEASE (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
FINANCE LEASE | ||
Finance lease | $ 69,863 | $ 89,634 |
Less: interest expense | (4,576) | (7,571) |
Net present value of finance lease | 65,287 | 82,063 |
Current portion | 20,201 | 19,128 |
Non-current portion | 45,086 | 62,935 |
Total | $ 65,287 | $ 82,063 |
FINANCE LEASE (Details 1)
FINANCE LEASE (Details 1) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
FINANCE LEASE | ||
2020 | $ 20,201 | $ 19,128 |
2021 | 21,138 | |
2022 and later | 23,948 | |
Total | $ 65,287 | $ 82,063 |
FINANCE LEASE (Details Narrativ
FINANCE LEASE (Details Narrative) - Lease Agreements [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Interest rate, Annually | 5.99% |
Expiration date | January 2023 |
LEASE RIGHT OF USE ASSET AND _3
LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
(Less): Accumulated depreciation | $ (98,219) | $ (56,466) |
Less: lease liability current portion | 11,936 | |
Lease liability non-current portion | 12,212 | |
Operating Lease [Member] | ||
Gross lease payable | 39,027 | |
Less: imputed interest | (3,714) | |
Initial recognition of operating lease right | 35,313 | |
(Less): Accumulated depreciation | (11,771) | |
Ending balance, Operating lease right | 23,542 | |
Less: gross repayment | (13,192) | |
Add: imputed interest | 2,027 | |
Balance, Operating lease liability | 24,148 | |
Less: lease liability current portion | (11,936) | |
Lease liability non-current portion | $ 12,212 |
LEASE RIGHT OF USE ASSET AND _4
LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details 1) | Dec. 31, 2019USD ($) |
LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details 1) | |
2020 | $ 11,936 |
2021 | 12,212 |
Total | $ 24,148 |
LEASE RIGHT OF USE ASSET AND _5
LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details 2) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flow from operating lease | $ 11,012 |
Right of use assets obtained in exchange for operating lease liabilities | $ 23,542 |
Remaining lease term for operating lease (years) | 2 years |
Weighted average discount rate for operating lease | 6.70% |
LEASE RIGHT OF USE ASSET AND _6
LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details Narrative) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Amortization of right of use asset | $ 11,618 |
Lease expenses | $ 2,001 |
Weighted average discount rate for operating lease | 6.70% |
January 1, 2019 [Member] | |
Initial recognition of operating lease right | $ 35,313 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Tax Recoverable | $ (2,858) | $ 0 |
Income tax liabilities | 0 | 32,616 |
Plant and equipment | ||
Deferred tax liabilities | 4,485 | |
Total | (2,858) | 37,101 |
Local [Member] | ||
Tax Recoverable | ||
Income tax liabilities | ||
Deferred tax liabilities | ||
Malaysia [Member] | ||
Tax Recoverable | (2,858) | 0 |
Income tax liabilities | 0 | 32,616 |
Deferred tax liabilities | $ 0 | $ 4,485 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Dec. 31, 2019 | |
Malaysia [Member] | |
Statutory income tax rate | 24.00% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Listing Expense: | ||
Related party A | $ 30,033 | $ 3,500 |
Total | $ 30,033 | $ 3,500 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details Narrative) | Dec. 31, 2019 |
Related Party A [Member] | Class Of Stockholder [Member] | |
Related party, stockholding percentage | 29.23% |